Greater Palm Beach Area Residential Sales Slip in June Amid Growing Inventory

Palm Beach County’s housing market softened in June, as total home sales fell 6% year-over-year, underscoring ongoing challenges in condo financing and shifting buyer-seller dynamics, according to new data released by the Miami Association of Realtors.

Total transactions dipped to 2,008 from 2,137 in June 2024, driven by declines across both single-family and condominium sectors. Single-family home sales fell 6.46% to 1,187 units, while existing condo sales declined 5.41% to 821 units. Despite the monthly pullback, year-to-date total dollar volume remains slightly ahead of last year’s pace–up 1.84% to $11.7 billion–buoyed by continued inflows of affluent buyers from high-tax, high-density states.

“High-net-worth individuals continue migrating to South Florida, particularly into Palm Beach County, supporting the luxury end of the market,” said Ginenne Boehm, 2025 President of the JTHS-MIAMI Realtors. “But limited inventory at key price points and tight condo financing are weighing on broader sales numbers.”

Price Softening Across Segments

Both single-family and condo markets saw downward pressure on prices in June. The median price for a single-family home declined 5.2% year-over-year to $626,000, down from $659,999 a year earlier. Condominiums saw a 3.1% decline in median prices, falling to $315,000 from $325,000.

Total dollar volume for June dropped 7.16% year-over-year to $1.8 billion. Single-family home dollar volume declined 6.59% to $1.4 billion, while condo dollar volume fell 9.02% to $420 million.

Inventory Swells, Market Conditions Shift

Inventory surged in June, with total active listings climbing 19.1% year-over-year to 13,929. Single-family home listings jumped 21% to 6,259, while condo listings rose 17.6% to 7,670. Still, condo inventory remains below pre-pandemic levels.

These shifts are reshaping market dynamics. The months’ supply of inventory for single-family homes reached 5.7 months, signaling a market leaning toward sellers. In contrast, the 9.7-month supply of existing condos points to a buyer’s market. A balanced market is typically defined by a 6- to 9-month supply.

Slower Sales Cycle, Fewer Cash Buyers

Homes are taking longer to sell. The median time from listing to contract for single-family homes rose to 42 days from 35 days a year ago, with total time to close reaching 88 days, up from 80. Condo sales saw an even steeper climb–median days to contract rose to 61 (from 46), and total time to close extended to 100 days, up from 89.

Cash sales, which have long defined the South Florida market, declined slightly. Cash accounted for 47.3% of total closed sales in June, down from 49.9% a year earlier–still well above the national average of 29%. Condos remained a cash-heavy segment, with 56.5% of transactions closed in cash, compared to 40.9% of single-family home sales.

Distressed Sales Remain Rare

Distressed sales, including foreclosures and short sales, remain minimal in Palm Beach County–just 0.8% of total transactions in June, compared to 0.6% in June 2024. Nationally, distressed sales held steady at 3% of total U.S. sales last month, up slightly from 2% the year prior.

Sellers received a median of 93% of their original asking price for single-family homes and 91% for condos–down slightly but still reflecting solid buyer demand in well-priced segments.

Market Outlook

While Palm Beach County’s real estate market has softened from its post-pandemic highs, resilient luxury demand and modestly improving year-to-date volumes suggest a market undergoing normalization rather than a correction. However, the disparity between condo and single-family performance–and the evolving inventory landscape–will remain key areas to watch through the second half of 2025.